IT export target will be delayed: NASSCOM

NASSCOM said the export revenue target of 50 billion dollar by 2010 will be delayed.

IT industry association NASSCOM said the export revenue target of 50 billion dollar by 2010 will be delayed by 3-4 quarters due to the global economic downturn,and warned of uncertainties in the near future.

The NASSCOM-McKinsey,however,presented an ambitious scenario for the Indian IT industry for the next 11 years saying the total revenue from export is expected to expand to175 billion dollars by 2020 and revenues from the domestic market could achieve the 50 billion dollar mark.

“This,however,needs a concerted effort by both the industry and the government to ensure swift and sustained reforms in critical areas of education and infrastructure,” NASSCOM said.

Story continues below this ad

On the economic scenario,the organisation said the “global economic crisis will have far-reaching and as yet uncertain impact on the industry. Near term volumes and pricing is likely to come under pressure.”

Commenting on the opportunities for the industry,Som Mittal,President,Nasscom,said,”The Indian IT industry is in the midst of unprecedented times because of the current economic environment. We expect the next few quarters to be extremely challenging with companies doing everything required to effectively overcome the challenges.”

What is Sigma & Company, whose 4 gang members were gunned down by police in Delhi

India2 hr ago

Four gangsters from Bihar's Sitamarhi district were killed in an encounter while trying to spread unrest before the Assembly polls. They were responsible for contract killings and extortion cases, and evidence, including an audio clip, was seized. The police had been conducting raids based on intelligence inputs and had announced a reward for their arrest.

View all shorts

Live Blog

PHOTOS